What is actually going on with James Bord as Sheffield Wednesday takeover sits in limbo? | OneFootball

James Bord's bid to buy Sheffield Wednesday has yet to be ratified by the EFL

The consortium led by James Bord was named as the preferred bidder to buy Sheffield Wednesday in December.

The Owls went into administration in October, and a series of negotiations led to the former poker player being chosen as the prospective new owner of the Championship side.

However, the club are still awaiting ratification from the EFL in order to finalise the takeover, much to the frustration of supporters.

Administrators Begbies Traynor remain in charge of the day-to-day running of the Yorkshire outfit, who are set to be relegated to League One potentially as soon as this week in their clash against bitter rivals Sheffield United.

Here we look at what is really going on with Bord and his bid to buy Sheffield Wednesday amid the long wait for ratification from the EFL…

James Bord lawsuit could impact Sheffield Wednesday takeover

Bord’s attempt to buy Sheffield Wednesday is not his first foray into football ownership, with the 45-year-old also having stakes in Scottish side Dunfermline and Spanish club Cordoba.

However, it is his investment in Cordoba that has caused the prospective new Owls owner to create even more headlines this week.

It has been reported by The Times that his business partner in the venture to Spanish football, Jonathan Cohen, is currently suing Bord.

It’s been alleged by Cohen the Bord willfully deceived him into thinking that Cordoba were debt-free when they invested in the club, but they were, however, £16.9 million in debt.

It’s believed that the case could raise fears regarding his ability to pass the EFL’s Owners and Director’s test, which would be a major setback for Sheffield Wednesday.

The league’s rules state that any takeover deal could be rejected if a person or persons involved “are subject to any unsatisfied judgment or court order for payment of any monetary amount (provided all appeal rights have been exhausted)."

It remains to be seen what the outcome of any potential case between Bord and Cohen will be, or how long it will take for a judgement, but this uncertainty will not be welcome at Hillsborough, with the club looking to escape administration.

James Bord’s exclusivity period

Bord was not the only person looking to purchase Sheffield Wednesday in the immediate aftermath of their move into administration.

The former poker player beat out the Storch family, as well as former Newcastle United owner Mike Ashley, in the race to become the preferred bidder.

It has been reported by The Star that, as part of being named the preferred bidder, Bord’s consortium entered a period of exclusivity that expired on 31 January.

With the takeover still not completed, it’s understood that this period of exclusivity has rolled over into February as part of an agreed payment process that ensures Bord funds the Owls’ losses.

It has been revealed by Kris Wigfield, a member of Begbies Traynor, that the Championship side are currently losing around £1 million per month.

Provided these losses are being covered by Bord, the period of exclusivity should remain in place until the EFL make a decision whether or not to ratify the proposed takeover of Sheffield Wednesday.